Resolution plan approval extinguishes pre-plan liabilities; reopening assessments under Section 147 barred, including government and statutory authorities SC dismissed the special leave petition and declined to interfere with the HC's judgment holding that once a resolution plan is approved in insolvency ...
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Resolution plan approval extinguishes pre-plan liabilities; reopening assessments under Section 147 barred, including government and statutory authorities
SC dismissed the special leave petition and declined to interfere with the HC's judgment holding that once a resolution plan is approved in insolvency proceedings, no person may initiate or continue proceedings for claims relating to the pre-approval period. Approval of the resolution plan extinguishes liabilities of all stakeholders, including government or statutory authorities, for dues predating the plan, and a reopening of assessment under section 147 in respect of such pre-plan dues is barred.
"Delay condoned." The Court declined to interfere with the impugned judgment and order of the High Court, stating that it is "not inclined to interfere" and therefore "The special leave petition is, accordingly, dismissed." All pending applications, if any, "shall stand disposed of." The decision affirms the High Court's ruling and disposes of the petition in limine, leaving the High Court order intact and terminating related interlocutory proceedings.
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